The Australian insurance industry provides a broad range of property and casualty, life, and health insurance coverage to individuals and businesses.
Maintaining optimism while grappling with transformational change
Profitable growth in challenging times
What this means and how to set your business up for sucess
Three clear emerging themes: Regulation, growth and trust
PwC has a deep team of insurance industry specialists serving insurers across a wide range of professional services. We are currently helping clients succeed during this period of evolution by advising on strategies around customer engagement and retention, big data and digital technology.
We are also active in helping clients with their implementation of risk and capital frameworks that meet LAGIC & ICAAP requirements, with optimising direct and indirect tax outcomes, with enhancing systems and controls effectiveness and efficiency, and with providing independent assurance across financial and regulatory reporting.
Key to our team's ability to think broadly and differently to help clients is our depth of understanding of what is happening in the industry both locally and abroad. Some of this local understanding is reflected in PwC's Insurance Insights series; quarterly accounting, tax and regulatory updates; and PwC's widely recognised annual Insurance Facts & Figures publication.
Examples of our understanding of global trends and how these will impact on the local market are reflected in PwC's Insurance 2020 - The Future of Insurance; Insurance Banana Skins; and updates on IFRS for Insurance Contact updates.
Phase 2 of APRA’s implementation of its prudential standards covering areas of Governance, Fit and Proper and Audit Requirements is open for consultation
Draft legislation has been released which looks to improve consumer protection in relation to financial and credit products. Find out who it affects, what are the obligations and following implications.
A year in review: We summarise how the changes in social behaviour, technology, economic growth, weather and the political and regulatory environment have impacted general insurance, life insurance, private health insurance and insurance intermediaries sectors in 2017.
Data governance is an area that Financial Services organisation can no longer neglect. The evolving regulatory focus on data quality, the 'open data' agenda, new competitive threats and emerging uses of data are driving a renewed push for Financial Services organisations to revisit data governance foundations.
Insights on CPS 220, including changes organisations will need to make in order to demonstrate compliance from 1 April 2018.
There are no tried and tested strategies for dealing with banana skins. Our global report explores the most serious risk concerns among the reinsurers that took part in the Global Insurance Banana Skins Survey 2017, and how to deal with them.
Reinsurers are under pressure to bring down expenses. They also need to invest in technology and innovation to ensure their businesses are fit for the future. Our global report outlines how reinsurers can do both.
(Re)insurers are coming to see InsurTech as a transformational rather than disruptive force and embracing the innovative potential within their businesses. How can you make the most of this ‘new normal’?
Scott Fergusson
Leader - Insurance, PwC Australia
Tel: +61 2 8266 7857
Email
